If you or a loved one has lost your investment due to securities fraud, contact us or call toll free 1-800-448-0883 for a free case evaluation and case consultation by our securities arbitration lawyers.
A court case has been filed against Regions Morgan Keegan alleging that the defendants either misrepresented or did not unveil certain factual details about Funds to investors.
According to the Morgan Keegan class action lawsuit, the Funds suffered heavy losses in value because they were invested in new kinds of fixed income securities. The court case also alleges that the defendants did not follow correct procedure in investing the Fund's assets, which made the funds weak to changes in the market. The Funds supposedly suffered a falloff in value of between roughly 50 percent and 60 percent, according to Morningstar Inc.
The proceedings alleges that the defendants misrepresented or did not divulge facts about the Funds including the nature of the risk connected with the Funds, the illiquidity of securities in which the Funds invested, breaches and stipulations in the Funds' portfolios and the focus of investments in a lone industry that exceeded the Funds' restrictions.
The Funds and the classes of shares involved in the Morgan Keegan lawsuit are:
- Regions Morgan Keegan Select High Income Fund A (MKHIX)
- Regions Morgan Keegan Select High Income Fund C (RHICX)
- Regions Morgan Keegan Select High Income Fund I (RHIIX))
- Regions Morgan Keegan Select Intermediate Bond Fund A (MKIBX)
- Regions Morgan Keegan Select Intermediate Bond Fund C (RIBCX)
- Regions Morgan Keegan Select Intermediate Bond Fund I (RIBIX)
If you or a loved one has lost your investment due to securities fraud, contact us or call toll free 1-800-448-0883 for a free case evaluation and case consultation by our securities arbitration lawyers.
On the Web
- Regions Morgan Keegan: Paying the Price of Securities Fraud, September 22, 2011
- Joint Notice of Intent to Revoke Registration and Impose Administrative Penalty
- Financial Industry Regulatory Authority, Office of Hearing Officers, Complaint
- Securities & Exchange Commission Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933, Sections 4C, 15(b) and 21C of the Securities Exchange Act of 1934, Sections 9(b) and 9(f) of the Investment Company Act of 1940, Sections 203(e), 203(f) and 203(k) of the Investment Advisers Act of 1940 and Rule 102(e)(1)(iii) of the Commission’s Rules of Practice
- Financial Industry Regulatory Authority Letter of Acceptance, Waiver & Consent
- FINRA News Release of 06/22/2011, SEC News Release of 06/22/2011, AL, KY, MS, SC & TN SEC offices News Release of 06/22/2011
- AL SEC Administrative Consent Order as to Respondents MKC, MAM and Kelsoe
- Securities & Exchange Commission Order Making Findings and Imposing Remedial Sanctions and a Cease-and-Desist Order Pursuant to Section 15(b) of the Securities Exchange Act of 1934, Sections 203(e), 203(f), and 203(k) of the Investment Advisers Act of 1940, and Sections 9(b) and 9(f) of the Investment Company Act of 1940, and Imposing Suspension Pursuant to Section 4C of the Securities Exchange Act of 1934 and Rule 102(e)(1)(iii) of the Commission’s Rules of Practice
- Tennessee Commissioner of Commerce and Insurance’s Consent Order
